Tokio Marine Asset Management Co. Ltd. Boosts Position in Best Buy Co., Inc. (NYSE:BBY)

Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,685 shares of the technology retailer’s stock after buying an additional 305 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Best Buy were worth $574,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. purchased a new position in shares of Best Buy during the second quarter worth about $210,000. Sanctuary Advisors LLC purchased a new position in shares of Best Buy during the second quarter worth about $902,000. Park Avenue Securities LLC grew its holdings in shares of Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares in the last quarter. Czech National Bank grew its holdings in shares of Best Buy by 9.0% during the third quarter. Czech National Bank now owns 39,988 shares of the technology retailer’s stock worth $4,131,000 after purchasing an additional 3,296 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Best Buy by 29.8% during the third quarter. GAMMA Investing LLC now owns 2,647 shares of the technology retailer’s stock worth $273,000 after purchasing an additional 608 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BBY. Truist Financial cut their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. UBS Group dropped their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Guggenheim dropped their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $101.72.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

Shares of Best Buy stock opened at $85.08 on Wednesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.19 billion, a PE ratio of 14.54, a P/E/G ratio of 2.16 and a beta of 1.43. The business has a 50 day moving average of $86.12 and a 200 day moving average of $90.13. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.29 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.42%. Best Buy’s dividend payout ratio is presently 64.27%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.